Reward scheme for VAT compliance shares revenue above targets with market associations to fund market upkeep. A reward scheme shares a portion of VAT revenue generated over and above set targets with market associations for market maintenance. Eligibility requires registration under the Societies Registration Act, minimum membership and member registration with the department, elected office-bearers, limited defaults, and exclusion of certain dealers. Associations must enrol online with member TINs, meet a year-on-year tax growth benchmark with net tax accounting rules, and have claims assessed by a finance and trade & taxes committee; allocated funds are to be used for approved market infrastructure and upkeep.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reward scheme for VAT compliance shares revenue above targets with market associations to fund market upkeep.
A reward scheme shares a portion of VAT revenue generated over and above set targets with market associations for market maintenance. Eligibility requires registration under the Societies Registration Act, minimum membership and member registration with the department, elected office-bearers, limited defaults, and exclusion of certain dealers. Associations must enrol online with member TINs, meet a year-on-year tax growth benchmark with net tax accounting rules, and have claims assessed by a finance and trade & taxes committee; allocated funds are to be used for approved market infrastructure and upkeep.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
